Rappers Who Went Broke with Completely Dumb Decisions

Here are

rappers

who have gone bankrupt! Wait until you hear what exactly Birdman decided to steal from his mansion! 10 - Bow Wow Is anyone surprised that Bow Wow is on this list? Considering that he started releasing music when he was 13 years old, one would think that he would have saved a good amount of money over the years. But, as we have said many times on this channel, the important thing is to keep what you earn! During a child custody case in which he was ordered to pay $3,000 a month in child support, Bow Wow informed the court that he made only $4,000 a month and that he only had $1,500 in his bank account.

He also limited himself to renting a relatively modest car. This could be because four years earlier he had rented a Ferrari F430 and within a few months he was behind on the payments. However, the day after the hearing in which he told the court that he was

broke

, he signed on to be one of the new co-hosts of the now-cancelled BET show, 106 & Park. Later, he even gave a statement saying that he is a smart guy and that until you see him on a corner asking for money, he is not

broke

. Well, I guess that's one way to admit that he lied to a judge in court!

The funniest thing about Bow Wow probably still has to be in 2017. He posted a photo of a private jet on his Instagram with a caption that heavily implied that it was his pajamas that he rented to New York. But the photo was actually a photo from a website. And someone saw him flying coach that same day and posted the photo on Twitter! In an interesting twist, he recently called the money "evil" and claimed he would give it away to fans. It doesn't take a genius to figure out why Bow Wow's career failed! 9 - Scott Storch Well, we know that Scott Storch is not a rapper.

But he WAS a producer for many artists like Justin Timberlake, Beyoncé and Dr. Dre. And the way he squandered his $70 million fortune is incredible. In 2006 he had 70 million dollars from him. In 2009, he filed for bankruptcy claiming only $3,600 in assets. Storch's lavish lifestyle included a garage with 13 cars, including a $600,000 Mercedes SLR McLaren, a $500,000 Mercedes Maybach and a $1.7 million black Bugatti Veyron. He also bought a $20 million yacht, a $10 million mansion, and a $3 million 34-carat diamond pinky ring! Apparently, in 2006 he started making friends in Hollywood. And with those friends came the party. He Basically he stopped making music and focused on partying with his friends at his mansion!

In his opinion, at one point, he spent $30 million in a span of 6 months! However, the good news is that today Scott Storch is back in the studio and back on his feet making music. 8 - DMX In 2016, DMX filed for bankruptcy not for the first, not the second, but for the third time since 2009! She owed her creditors more than $2 million and filed for Chapter 13 bankruptcy in an attempt to save his New York home. This is a guy who has had FIVE number 1 albums! So how did it get so ruined? Well, he has 15 children with nine different women.

That's definitely a big part of why he's had financial problems despite being probably the most popular rapper of the late '90s. And then there's all the crazy legal problems he's had for all the crazy things he's done. . The craziest story has to be when he posed as a federal agent and tried to kidnap someone! DMX first filed for bankruptcy in 2009 and again in 2013. In 2016, DMX filed for bankruptcy again. He claimed that he did not have any assets except his house. And he had absolutely no money in his bank account. He also claimed that he owns no copyright interests or trademarks in his music.

Finally, in 2018, the IRS claimed the $2.29 million he owed them. He ended up spending a year in prison for tax evasion. 7 - Fat Joe Did you know that Fat Joe has released 10 albums? What's more surprising, he has 10 albums or is he on this list? His first run-in with the tax collector was in 2010. He only owed about $105,000 to the state of New Jersey and was able to pay it back. But in 2012, things had gotten much worse! Despite earning more than $3 million in 2007 and 2008, Fat Joe decided not to pay the more than $700,000 he owed in taxes. He had faced the possibility of two years in prison.

But before he was sentenced, he had paid part of the bill and also did a lot of charity work. The judge took all this into account and only gave Fat Joe four months. But he only served 3 months in 2013. One would have thought he had learned his lesson, but in 2016 he found himself owing taxes again! This time he owed $1.1 million. In a 2019 interview, Joe said that he finally learned from his mistakes. Basically, he advised young

rappers

not to spend millions on jewelry and private jets. 6 – Xzibit Do you remember Xzibit from “Pimp My Ride”? People probably remember him better now for hosting Pimp My Trip more than his rap career!

Xzibit actually had one platinum and two gold albums! In 2009, he owed nearly a million dollars to the IRS. Somehow, he blamed his financial problems on the fact that Pimp My Ride was cancelled. Well, let's face it: the real problem for him was spending more money than he earned! In 2007, he made almost half a million from the show. But after the show was canceled in 2007, his income plummeted to only around $67,500 in 2008. Of course, he couldn't back down from his lifestyle. In 2009, his 7,650-square-foot mansion was facing foreclosure. He didn't even have a car! He had a lease on a Range Rover that cost about t

went

y-two dollars a month!

In 2010, he was $1.4 million in debt. Come on, everyone knew Pimp My Ride couldn't last forever! All of this seems to be the reason why athletes go bankrupt! Find out the REAL reasons why athletes screw up by clicking here! 5-Nas Nas has had a long and successful career, but no matter how good a rapper he is, that doesn't mean he's great at finances. In 2009, his ex-wife Kelis filed for divorce. His dire financial situation came to light while he was deciding the amount of child support. Nas claimed he owed his manager $700,000 and the IRS millions. But he still had to pay over $50,000 a month in child support!

Kelis wasn't the only ex who didn't get paid either. The mother of Nas' first daughter took him to court in 2014 for owing child support! But the worst was probably when he owed the IRS almost six and a half million dollars in 2011! The government began garnishing his wages because of that huge debt. And that's probably why Nas lost his house in Georgia in 2012. He defaulted on the mortgage payments and the bank sold his house at auction. 4 - Young musicians, unlike most people, do not receive regular paychecks with taxes withheld. They get their money without deducting taxes. That can be a gift or a curse, depending on who it is.

And that's why artists in general get in trouble with the IRS. And rapper Young Buck owed the IRS hundreds of thousands of dollars in back taxes. His problem was even worse, because when he had money problems, his rap career was practically over. In 2012, IRS agents raided his home and took basically everything he owned of value. That included his leather dining chairs, his watches, his tattoo kit and even the refrigerator with the food in it! Truth be told, the tax issue probably wasn't entirely Young Buck's fault. There was allegedly a miscommunication between his attorney and the business manager about who should pay the taxes.

The IRS had a heart and lent Young Buck his refrigerator, along with a few other things. But taxes weren't his only financial problems. T

went

y-two creditors filed claims totaling $11.5 million! He ended up having to declare bankruptcy. 3 - Birdman And now we come to Birdman, co-founder of Cash Money Records. Birdman is one of those people who has a big spending habit, but he has the ability to make more money quickly and recover. He has had several money problems over the years, and his latest legal problem has to do with his huge multimillion-dollar mansion in Miami. Basically, he took out a $12 million loan and is having trouble making the payments.

He defaulted in 2017 and was ordered to immediately relinquish his ownership in January 2018. But that wasn't the only ownership he had to relinquish! He also had to give up his office space in North Miami, where his recording studio is located! As of November 2019, the foreclosure is still ongoing. All of his things in the house were confiscated and stored once the bank reclaimed the house. However, that meant nothing to Birdman! Of all the things he could have removed from the house, he was accused of stealing 4 collectible Gucci bicycles made by Gucci. Bank officials asked a judge for help to get the bikes back! 2 - Lil Kim Before Nicky Minaj and Cardi, there was Lil' Kim.

She was rap's first female superstar. She has sung with legendary rappers like Biggie and Jay Z. And when she rapped Diddy's song, "It's all about the Benjamins," she wasn't lying! She loved spending it! Unfortunately for her, her career has tanked and so has her bank account. In 2018 she filed for bankruptcy. In addition to having over $650,000 thousand dollars back on his house, he owed the IRS over a million in back taxes! She claimed that she owed $4 million in total in 2018. She claimed that she earned around $18,000 a month. But she said she had to budget $2,000 for her personal, another $2,000 for her wardrobe and $10,000 for travel.

Are these expenses really necessary? What do you think?! 1 - Hammer Almost everyone knows that Hammer went bankrupt. But he's still one of the best examples of rappers going broke! Hammer's album Please Hammer, Don't Hurt 'Em, released in 1990, remains THE best-selling hip-hop album of all time with over 18 million copies sold. Forbes estimated Hammer's net worth at the time to be around $33 million. But just six years later, he declared bankruptcy in one of the most famous celebrity financial disasters of all time! First, there was the $30 million mansion. Then there was possibly the most epic entourage ever. Hammer employed 200 people on his payroll, costing him about $500,000 a month.

However, he told Oprah that he even quoted "sometimes a million dollars a month." When he declared bankruptcy, he said he had several hundred creditors! However, in 2011 he told Oprah that even if he could, he wouldn't go back and change anything. He believes in the butterfly effect and that if things had been different, he would not have his children or the peace he has now. Watch the video below to learn the real reasons athletes screw up!